Twitter CEO Jack Dorsey is expected to step down from his executive role, sources tell CNBC’s David Faber.

Twitter stock jumped more than 11% on the news.

Dorsey currently serves as both the CEO of Twitter and Square, his digital payments company. Twitter stakeholder Elliott Management had sought to replace Jack Dorsey as CEO in 2020 before the investment firm reached a deal with the company’s management.

Elliott Management founder and billionaire investor Paul Singer had wondered whether Dorsey should run both of the public companies, calling for him to step down as CEO of one of them.

It’s unclear who’s set to succeed Dorsey. But if he steps down, the next CEO will have to meet Twitter’s aggressive internal goals. The company said earlier this year it aims to have 315 million monetizable daily active users by the end of 2023 and to at least double its annual revenue in that year.

Twitter did not respond to a request for comment.

This is breaking news. Please check back for updates.